Xi'an Jiaotong University Professor Wang Sheng's BNCT Startup Completes Over RMB 100 Million Angel Funding Round

August 2, 2023,Huapeng Neutron Technology (Hangzhou) Co., Ltd.Announces Completion of Over RMB 100 Million in Angel Round Financing, this round of financing was co-led by Kaitai Capital and Nuoyu Capital, with Zhongke Star and Kunlun Capital also participating in the investment.

Amid the challenging financing environment this year, it is remarkable that this startup, established less than five months ago, has secured such a substantial funding round. Undoubtedly, its business model, products or services, and core technologies have garnered strong recognition from investors, demonstrating robust strength and capability in executing its development strategy.

AtZhongke StarThrough the introduction of VCBeat, Arterial Orange Fruit Bureau contacted the founder of Huabang Neutron and a professor at Xi'an Jiaotong University.Wang Sheng. Just minutes before the interview, Wang Sheng was still handling a conference call. Wang Sheng told Chengguo Bureau that since starting his business, his work has become increasingly busy, as he has been balancing scientific research with company operations.

For Wang Sheng, this marks a new beginning: after two decades of research, he has embarked on an entrepreneurial venture. This decision was neither impulsive nor driven by the pursuit of trending topics; rather, it reflects a rigorous approach to navigating the long and often obscure path of translational innovation, clearing away the fog to find a clear direction.

Becoming a doctor was Wang Sheng’s dream in his youth. Born into a family with a long tradition of practicing Traditional Chinese Medicine (TCM), he helped his grandfather convey medical advice and write prescriptions from an early age. Across all eras, doctors have been symbols of healing the sick and saving lives, and it is precisely for this reason that they have earned respect. “Influenced by my family environment, I have always aspired to heal the sick and save lives,” said Wang Sheng.

However, when filling out his college application preferences, Wang Sheng was unable to pursue his desired major in medicine. Instead, he enrolled at Xi’an Jiaotong University, where he earned a bachelor’s degree in Chemical Equipment and Machinery, followed by a master’s degree in Thermal Energy Engineering. After completing his undergraduate and graduate studies, Wang Sheng received a scholarship from the Japanese Ministry of Education, Culture, Sports, Science and Technology (MEXT) and joined the Tokyo Institute of Technology, specializing in research on neutron source development and applications of neutron technology. Upon graduating from the Tokyo Institute of Technology, Wang Sheng joined the RIKEN Institute in Japan.Directly and extensively participated in the R&D of Japan’s accelerator-based neutron source, and successfully overcame its key core technologies.。

It was also in Japan that he first discovered the intersection of professionalism and his dreams. In an interview, Wang Sheng stated, “In the field of Boron Neutron Capture Therapy (BNCT), Japan was the global leader at the time.” In March 2020, Japan approved the market launch of the world’s first accelerator-based neutron source BNCT device and the world’s first boron drug, Steboronine, for the treatment of unresectable locally advanced or locally recurrent head and neck cancer.

The so-called BNCT isPrecisely Destroying Cancer Cells Through "Nuclear Reactions" Within Tumor Cells. Its therapeutic mechanism is as follows: First, patients are injected with a non-toxic and harmless boron-containing drug, which rapidly targets and accumulates within specific cancer cells after entering the body. Subsequently, the area is irradiated with neutron beams that cause minimal damage to the human body. Upon collision with the boron accumulated inside the cancer cells, the neutrons trigger a nuclear reaction that generates alpha particles and lithium ions. This process can simultaneously break both strands of the cancer cell’s DNA, thereby completely killing the cancer cells. Moreover, due to the extremely short range of these radiation particles—limited to the size of a single cell—surrounding normal tissues remain undamaged.

BNCT therapy also has the advantage ofLow cost, short treatment course (30 minutes per session, with cure achieved in just 1 to 2 treatments), broad indications, and low side effectsamong many other advantages, earning it the title of the "crown jewel" of cancer treatment.

“Cancer patients receive a boron-containing drug, followed by neutron irradiation, which destroys the tumor cells.” Deeply inspired, Wang Sheng immediately connected this concept to his own research field. “In the early days, the neutron source for BNCT was a reactor-based neutron source. However, nuclear reactors suffer from drawbacks such as nuclear safety concerns, proliferation risks, high-level radioactive waste, high construction costs, substantial societal costs, and large physical footprint, all of which have limited their clinical application. My research focuses on accelerator-based neutron sources, which can be seamlessly integrated with next-generation BNCT cancer therapy.”

Compared with reactor-based neutron sources, accelerator-based BNCT neutron source devices not only feature low radioactivity levels and ease of installation and maintenance, but also generate neutron beams of significantly higher quality than those produced by reactors. This advancement makes large-scale clinical application of BNCT therapy feasible.

Wang Sheng said, “This is another way to realize my dream. Although I cannot become a doctor, I can collaborate with physicians to fulfill the dream of treating diseases and saving lives.”

“The transformation of scientific and technological achievements is about implementing them into new products and technologies, rather than confining research to the level of writing papers and filing patents.” Wang Sheng specifically highlighted this point during the interview. This is particularly true for engineering disciplines,The true significance of research lies in driving the high-quality development of the technology industry, with industrial needs guiding the direction of scientific research.

Starting a business carries risks. Although Wang Sheng has always had a strong interest in the commercialization of scientific and technological achievements, he never acted on this entrepreneurial venture, having been waiting for the moment when his technical expertise would be fully accumulated.

“This may sound strange, but it is indeed a matter worthy of serious attention.” Wang Sheng adopts a rigorous approach to the translation of scientific achievements into practical applications. Starting from basic research, he considers the market opportunities arising from the integration of new technologies with industry demands, recognizing the importance of technological accumulation and breakthroughs in facilitating the commercialization of research outcomes. Therefore,The sequence for translating scientific and technological achievements into practical applications must be to first complete technical accumulation, then start a business.

As the foundation of entrepreneurship, the key to achieving technological accumulation is mastering core technologies and maintaining a certain level of competitiveness in the field, enabling innovative enterprises to establish a foothold in the market. Without sufficient technological reserves, companies may face issues such as failure in market validation and products that fail to meet demand. Furthermore, technological accumulation allows scientist-entrepreneurs to better assess market demand and technical feasibility, thereby reducing entrepreneurial risks.

Based on20 Years of R&D AccumulationIt was not until March of this year that Wang Sheng officially established Huapeng Neutron Technology (Hangzhou) Co., Ltd. By this time, Wang Sheng’s team had already developed a full-process solution covering the research and development, design, and engineering implementation of the devices, pharmaceuticals, and software involved in accelerator-driven Boron Neutron Capture Therapy (BNCT), achieving full independent intellectual property rights and localization of equipment manufacturing in China.

"In 2021, Wang Sheng's team began constructing a demonstration facility for boron neutron capture therapy in Huzhou City, Zhejiang Province."This is the world’s smallest BNCT device, poised to begin clinical trials.“Wang Sheng introduced. Regarding drug development, Wang Sheng told VCBeat,”Second-Generation Boron Drugs Successfully Developed. In terms of software design,The radiotherapy treatment planning system (TPS) has also been developed.。

After founding the company, Wang Sheng began to build a management team for Huapeng Neutron. “In the early stages, we primarily adopted a ‘scientist + engineer’ model, with scientists responsible for R&D and engineers handling implementation. However, we now need industry professionals to lead our marketing efforts.” Consequently, Wang Sheng has been focusing on candidates with similar backgrounds: those from top-tier medical enterprises both in China and abroad, possessing extensive management experience.

Due to the founding team's shortcomings in the business domain, Wang Sheng hopes to enhance the stability of this venture by recruiting high-caliber business management professionals. “Our goal isRecruit world-class scientists, engineers, and management teams.” Wang Sheng told VCBeat,

As a scientist in the field of neutrons, Wang Sheng focuses on exploring uncharted scientific territories; as the founder of Huabang Neutron, his work extends beyond building the entire team structure to shaping the future development of products, the enterprise, and the industry.

“Our goal is to create world-class products. In our future development, the team will jointly advance the clinical trial process of our products,” Wang Sheng told Chengguo Bureau. Unlike his proactive approach during recruitment, products in the market are often in a position of being selected rather than actively choosing.

Although BNCT is one of the most advanced cancer treatment modalities internationally, it remains a nascent technological field in the Chinese market, “The market barrier for BNCT lies in its novelty, necessitating further promotional efforts and market education..” Wang Sheng told Chengguo Bureau, “Although the cost to patients for BNCT therapy is low, as a large-scale medical device, the overall cost of BNCT remains relatively high. We are alsoAccelerate the improvement of equipment structure and materials, striving to manufacture BNCT devices with lower costs and higher cost-effectiveness, making them more acceptable to the market.”

Looking back on his relatively brief entrepreneurial journey, Wang Sheng candidly acknowledged that researchers must engage more with industry professionals and listen closely to market feedback. This approach not only facilitates research efforts but also promotes the translation of scientific achievements into practical applications. Now, as the helmsman of the company, Wang Sheng bears greater responsibilities, “Maintain a humble and open-minded attitude, listen more, observe more, reflect more, and honestly acknowledge your shortcomings in business.。”